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the debt ceiling and cut spending at the same time. on top of that, you kcan fix th $2 trillion situation. that is my take. charlie wrangle from new york and i begin with you. i don't understand why that can't be done. you can get that done. you are one of my buddies, but i object to you using the default. you have enough cash flow and the vast majority. i hate that argument. i know. but it is wrong to call it default. >> why not avoid default all together. because i believe it distorts the rest of the debate the good congressman and i need to have. >> cutti inting spending, i don want to get hung up on default. it is all bad. welcome back, sir, why can't we have our cake and eat it too? why can't we compromise with spending cuts at the same time too? >> we can do it as long as we recognize it is apples and oranges. our obligation has nothing to do with our inability to govern our own spending and taxes. but anytime one tries to hold it, that is when it is wrong. whatever you want to call it, when you have a moral and constitutional obligation you shouldn't mix it up with things you want
.12 trillion. the debt ceiling is raised, the spending gets raised. and it never comes back down. >> that's right, it goes up and it never comes back down. in the past, sometimes we have insisted on cuts along the way. now we're finding ourselves in a position where we have $16.5 trillion of debt and cuts are not going to cut it anymore. it has to be more than cuts. it needs to be permanent structural spending reform. that's what we need. >> what john boehner headset is dollar for dollar. spending cuts with debt ceiling heights. what should they cut? give me a list. you might we talk about it from the standpoint of cuts, don't think cuts are going to do the job. we have to permanently reform the way washington spends money. >> okay, somebody want to to do that. >> we do that is through an approach that we referred to in the last debt limit debate is cat cut cabin balance for the short of it is to say that we can raise the debt limit we're not going to raise the debt limit, we shouldn't we put into place a balanced budget amendment to the constitution. one that requires congress to balance
into office. it is now $16 trillion. don't we need restraint of a debt ceiling to prevent the spending from even going further? >> no. and it doesn't restrain spending at all. congress makes the decisions as to what to spend, what the level of taxation should be, what the level of spending should be. the debt ceiling is just there and, says you can not pay the bills that you voted to incur a year ago and two years ago and three years ago. and that is just wrong. now it used to be harmless in that the debt ceiling would be raised with a little demagoguing here and there but no one ever seriously suggested not raising it. it was raised seven tiles during the second bush administration with no great debate. but now it is being used as blackmail and could wreck the entire american economy if we don't --. david: hold on a second, congressman. 2002, june 2002 two, in november, 2004 and november 2006, guess who voted against raising the debt ceiling. jerry nadler, member of congress. what has changed. why were you against, in favor of keeping debt ceiling restraint then and not so now. >> it becau
of republicans are pushing back against the strategy to use the debt ceiling as leverage to actually get spending cuts out of president obama. >> yeah. john harwood is in washington with more on this evolving story. john? >> reporter: bill, it is evolving, and we're not going to note answer for some time. you know, while the high-profile issue of the day has been gun control, privately what you've got is members of both parties calibrating their strategy and figuring out how far they can press and what they can get for pressing hard. there are three basic questions that have to be resolved. one is do we have a short-term extension of the debt limit to allow more negotiations, or is it a longer term extension of a year or more? that's what the white house and democrats want. second of all, is it a clean debt limit extension? do republicans give in and say, okay, mr. president, we're not trying to hold the economy hostage and pass a clean debt limit extension, or do they make it a package deal with spending cuts as opposed to negotiating spending cuts in connection with the run out of government fu
on. let me ask you just for starters, why does the debt ceiling exist in the first place. does it serve any function? >> it doesn't. essentially, the one function it does serve is members of congress can be hypocritical. they can vote for spending. and then pretend a year later when the bill comes due that they don't have to pay for it. and berate the excessive spending. it is really a tool for constant and unrelenting hypocrisy by congress. if we pass a budget, when we do that's what affects the debt ceiling. if you pass a budget and there's a trillion dollars that will be spent on iraq and you have no way to pay for it, the debt becomes due and you've got to pay that bill. so the debt ceiling has been abused frankly by both parties but in the past, it has been about hypocrisy and grandstanding. now it is actually about defaulting on our bills. so congressman nadler and i and others are saying hey look, it is time to be straight with the american people. if we vote for a budget that requires cuts or revenues, then at the moment we vote for the budge set when we have to take re
for the debt ceiling in the first place, allowing spending in effect to go up and up and up without the artificial cap that the debt ceiling is indeed. democrats are explaining this in a press conference right now as we speak, so we'll be learning a lot more about it as the day progresses. republicans obviously deeply opposed to this thing, fearful that democrats will indeed use it to allow spending to go up and up. here is senator john barrasso speaking on fox news this morning. >> we have a spending problem in this country. people all across the country know it. they know it in wyoming. families have to balance their budget every year. many states do. we do in wyoming. it is time for the senate and the house and the president to get serious about limiting our spending and specifically the wasteful spending that continues. >> reporter: earlier this week we heard from house majority whip, minority whip, i should say, steny hoyer, increased revenues, more spending has to be part of any debt ceiling deal. that is a sentiment echoed by the president on numerous occasions since he was r
the debt ceiling hostage over spending cuts, federal reserve chairman ben bernanke said there is no practical purpose to the debt ceiling and it is a device to prevent the u.s. from paying its bills. why are we watching washington fight over it? maybe we should get rid of it. here is susan occhs, american banker columnist and former senior advisor to president obama and stephen hayes, "weekly standard" and fox news contributor. i will ask you both and, susan, start with you. does it serve a purpose? >> it really doesn't. this is kind of a belt and suspenders operation. if congress wants input how much money to be spent, there are 13 congressional committees that spend appropriations bills that spend money. this is time to have the conversation. they're holding economy hostage. what was benign in the system is now become dangerous. melissa: has to be reason, stephen? says belts and suspenders. maybe we have own our belt has fallen off and this is all we have left. >> so only tempting to go with the pants down met at that far. melissa: i laid that up to you. you needo spik
and the debt ceiling. the president simply will not offer any compromise on federal spending that might get a debt deal done. on guns as we just heard, is he threatening executive orders. so i think the president simply wants to damage the republicans rather than solve complicated problems, at least at this juncture. joining us from washington with his take fox news political analyst charles krauthammer. i see it as a chess game. rather than both parties working together to get some gun legislation that might help folks control criminals in that area and rather than getting the debt ceiling done with some, you know, meaningful cuts in spending, the president says, you know, i'm not even going to bother. i want to alienate the republicans so that people will be angry with them. am i wrong? he has been doing that since elections day, i wrote a column ever since september pointing out entire strategy for the fiscal cliff was to split the republicans. it had nothing to do his offers had nothing to do with solving the fiscal issue or solving the debt. he showed nothing to solve the debt since he
increases debt ceiling. it allows the federal government to pay for spending it already approved. they say deficit reduction is different argument and they're now proposing eliminating the debt ceiling. >> we must not permit an artificial debt ceiling to throw the country into default and our economy into chaos and depression which is exactly what the republicans are threatening to do. it is time to abolish the debt ceiling and our levels of taxation and spending will be set as they always have been by congressional action. >> republicans argue washington has linked several increase in the debt ceiling to deficit reduction deals. it serves as reminder how much the government has borrowed. senate minority leader mitch mcconnell writes, over the past three decades in fact u.s. presidents and lawmakers from both parties routinely used the debt limit debate to reform government spending. washington democrats under pressure from their favored interest groups continue to adhere to an outdated ideology that says every penny of revenue washington ever got its hands on is sacrosanct. house republic
to raise the debt ceiling what they think the debt ceiling represents, and it represents all this spending that i think that democrats are comfortable with, they believe that government bureaucrats can spent their money better than tax payers can spend their own hart earned dollars, i disagree with. neil: that brings you to brinkmanship games, the fact that we keep playing the same game. we never address the underlying spending. >> well, and that is why what john campbell just said did show a lot of little bit rally courage to say -- political courage to say public he is willing to shut down the government to force the president's hand, that is something that very few republicans are willing to do. i heard my liberal friend. neil: it will never come to that. >> i don't think if will, i think they will make a deal. john campbell, is a stan out guy, and for him to say that we have do it now, because, the longer we put it off, the harder it will become when we come face-to-face with a fiscal realty of fact we borrow 40-cents on every dollar we spend. that is huge amount of borrowing, right ne
that are raising alarms from demanding republicans immediately raise the debt ceiling and lori about that pesky out of cotrol spending later to considering as many 19 different gun-control measures that he could in force as he gears up for his comprehensive plan tomorrow. our president seems to think of himself like a king and said that our elected officials. joining me now, former adviser to president george w. bush. senior fellow at the cato institute. i will start with you. here is the president back in 2006 on the idea of raising the debt limit. he said, the fact that we are here today to debate raising america's debt limit is a sign of our leaders failing in the u.s.overnment cannot pay its own bills and i intend to oppose the effort to increase the debt limit to and here he is begging for the debt limit to be raised now hat he is president. >> i think that he was right several years ago when he talked about the size of fiscal irresponsibility, but all of a sudden he seems to think it is just a wonderful, peachy keen idea. gerri: irresponsible thing to do . brad, to you. i am -- i went back an
a mistake by trying to link the debt ceiling to a deal on spending cuts. >> in the end, it's a threat they can't sustain. no one is going to default. no one is going to allow united states to not pay its bills. no one is going to accept the economic costs. it rallies the entire business community to the president's side. i don't think we should pick fights where we're in a position that we can't, in fact, in the end enforce our will. because we have no evidence of president obama's going to compromise. i think the president is deliberately seeking confrontation. he's going out of his way to bully the house republicans. >> and allen simpson, the co-founder of the campaign to fix the debt, also warning against bargaining over the debt ceiling. >> do you believe the gop should be using the debt ceiling as a leverage point to get the president to agree to the cuts? >> i think that would be a grave mistake. i don't think that would solve anything. i know they're going to try it. how far we'll go, i have no idea. if you're a real conservative, really honest conservative without hypocrisy, y
to stop holding us hostage with the spending cuts to the debt ceiling. people are starting to feel a little bit more optimistic that might be less of an issue going forward. i still think it is a great focus people are afraid. we're pretty complacent and the volumes are really waiting to see what will happen in washington, i think. liz: charlie, you're looking at 13.25, again, another historic low for the volatility index. it is not telling me anything. what indicators to look at as a trader in the pit? >> i look at moving averages. take a look, the s&p has really held on to the moving average and a few breaks every time it has bounced off, you're doing pretty well. you look at what came out midsession today, and we're going sideways to a little higher. business activity is kind of sideways, you mentioned the housing market is starting to show some signs of life. if we can get the bankers doing quite well in terms of the stock, but in terms of generating the loans, we went from one end of the pendulum to free money and anybody who wants it to really constricting and making refinanc
to fight over. is it debt ceiling, is it sequestration, is it the resolution later in march? they could use that bell to call them to order there but it's hard to think that they could find a path. you've got on the one hand, a lot of distension in the rarngs there. but, also, just public opinion seems to be stacked against them. they're on the wrong side of so many issues. they seem to be wanting to plot a course right in the near term. but i think on the other hand, if you look at what democrats are doing, they're trying to chart a course that looks more like where america is more broadly. of course it would put them in good standing for 2014 and 2016. >> now, wes, when we look at the fact that they seem to be further and further away. committee reports that many republicans scoff at the idea of a debt ceiling disaster. and it reads, let me read this to you, to these conservatives, hitting the debt ceiling is no armageddon and the idea of default is just a scare tactic. and they claim not to be frightened. i mean, we could have different opinions, but we can't have different facts. the de
the house. >> and anybody who thinks that the fight spending and debt is over is mistaken. >> plenty more ahead in the coming weeks as they deal with the debt ceiling. also, those automatic cuts to defense and domestic spending. plenty more battles ahead over spending, shep. >> shepard: mike emanuel on the hill. the bill has passed and the president will sign it into law. two weeks after congress approved a separate measure to borrow $10 billion to flood insurance claims from sandy and other disasters. throughout the areas sandy hit hardest we are hearing stories of people growing increasingly frustrated in delays by getting money they need. >> the whole outside of the house was ripped apart with waves. >> the waves washed out 16 years of family mementos from this water front house on new york's long island. >> what you see is exactly how we found it after the hurricane. >> jane long-term says she will -- letterman says she will have to tear down the home she loved. two months after the storm she is still waiting for the insurance payment to get her started. >> this is a shame. it's just
a cliff, not a debt ceiling, but a spending one, where the government would shut down. he thought that that would pin them with responsibility. the president didn't want to do that. so they ended up coming up with a deal. you get some sense from these interviews about the tough decisions and the factors that go into the decision making that has taken place over the last four years. >> peter baker, thanks very much, for coming on. we appreciate it. your piece is in this sunday's "new york times'" magazine. joe conason, stick around. that's your punishment, you have to stay here with donny and i. more trouble in the skies for boeing's dream larlinerdreamlin. business before the bell with cnbc's brian shactman. weight watchers online worked for us. we don't argue much. we really don't. meg usually just gets her way, and i go along with it. i think it worked for matt because i did it for him. when i'm the one cooking, i'm the one calculating the points. i can microwave things. you get to eat real food. we still get to go out. we're just so much smarter about it. we can keep each other
and major questions base of the tax increase and hopefully have this for tomorrow modeling the debt ceiling in context of the fiscal cliff. what i'm finding early returns, if we do hit the debt ceiling, were to reduce government spending by the amount of debt we bring in, it will make the fiscal cliff look like a fiscal hill, the effect of the debt ceiling. >> not in the first quarter. it doesn't hit until march 1. the debt ceiling is roughly the same amount as a sequester. the way i would count it is that either one would knock .6 of a percent off the year. >> would you send me the lindsey foreca forecasting data. i have sandy working for me and macro advisors and lindsey is right up there. >> that's very kind of you. as soon as i give it to all my clients, i'll send it to you. >> it's dubai the end e by end . >> clients are proprietary. >> how do you define default? >> we hear about the white house and tim geithner talk about defaulting. >> there is zero chance we will default in any sense of the world. might be a slowing of vendor payments that happens all the time. >> what color is geor
, at least, they say, they won't vote for a higher debt ceiling until democrats accept spending cuts. many see this as risky. one said tuesday he would introduce legislation next week instructing the white house to prioritize the government's bills. what's wrong with the idea? >> guest: two things. first of all, we've had some deficit reduction. the president laid out a couple days ago. we had over $2 # trillion. we had a trillion and a half that came from previous actions, and then we added just a few days ago some further deficit reduction through increased taxes on the very wealthy of this country. we already begun to undertake deficit reduction. to use that as a reason to use the debt ceiling as a weapon is really playing with fire. they say pay some bills and not pay others. we've never tried that before. >> host: is it feasible? >> guest: i don't think so. which bills? social security? veterans? people out fighting for this country? which bills do you pay? we never tried that. i think the president put it so well. this is not a debt beat nation, really, and i think common sense is li
bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you characterize that as an additional clip that is facing us, or do you think that it's not as concerning as it was when you raised that term initially? >> as i said, the fiscal cliff, if it was allowed to take pl
not be tied to the debt ceiling debate. then she added if you incur an obligation, you have an responsibility to pay for that. well, it's nice to finally hear someone from the party of personal responsibility stand up for the government's responsibility. joining me now for the latest on debt politics and much more is michelle bernard the president and korea of the person senator center for women politics and public policy. she's joining us from washington, d.c. and with me in the studio is the always insightful strategist donnie fowler. welcome inside "the war room"." >> glad to be here. >> i'm going to start with you. the republicans, do we start to see cracks in the wall of obstruction? are they starting to budge or is that just wishful thing on our part. >> no, we're seeing cakes here and there. i have to start off with lisa murkowski. you got to say that women always seem to understand how to-- >> jennifer: so pragmatic absolutely. >> a shout out to lisa murkowski tonight p but also to newt gringrich. what i would really have like to have heard from the former speaker is not just which ba
as a price for raising the debt ceiling. >> that is what they are saying. it's still far enough out so that it could all be posturing. even if i accept it -- and i do -- that half of the house members actually believe that as we get closer, as the pressure builds, corporate executives will start calling the republican leadership and saying you can't really do this. there will be some who waiver. there has been one republican senator who has wavered and you will begin to see fissures and something will happen inside the negotiation. i hate to see we have seen this play over and over. you and i are of the view we shouldn't have gotten into this because the debt ceiling should be part of the prior deals. >> as it was in every previous administration. >> right. >> as we know. eliot, good to visit with you this morning. talk to you again soon. >> have a good one >> bill: eliott spitzer, former governor of new york. former co- -- or host here on current tv. good friend, political commentate commentate, writes for slight, follow on twitter @eliotspitzer. [ musi
calibrate your message, focus on long-term spending instead of long-term debt. focusing on the debt ceiling makes the message more difficult. when i asked walden about the debt ceiling yesterday, he was clearly noncommittal, hinting on where the republican leadership maybe is on this. if there's not a majority in the house republican to raise the debt limit, but there is a majority in the house of representatives to raise a clean debt limit, would this leadership be willing to do that? >> you know, let's look at how do we avoid default on america and american's debt. how do we avoid these issues that are going to bankrupt the country long-term? >> boehner may come under pressure, though, from some conservative groups, but in the latest sign he may have some wiggle room, in a political op-ed this morning, the leaders of the club for growth, heritage action, and the family research counsel called for, quote, insisting that washington not raise the debt ceiling unless our nation gets on a path to a balanced budget within ten years that stays balanced. that is far from a don't raise the debt ce
miles on every purchase, every day! what's in your wallet? a showdown over the debt ceiling with republicans using the threat of default to try and leverage spending cuts from the white house. representative peter welch is democrat from vermont and he has been calling for the president to envoc the 14th amendment to circumvent congress and protect the economy. congressman, welcome. good to have you with us. before we turn to the debt ceiling, i would like your reactions to the president's proposals to curb gun violence and whether you think those legislative proposals that he made have a chance of getting through either house of congress or both. >> i do. i mean, all of us are just astonished and appalled at what happened in newtown and the idea that a 6-year-old child would have 11 high capacity bullet designed by the military for combat pumped into that little child is really changing the discussion here. so i think the focus on practical things like high capacity magazines, like background checks that work, like trying to come up with appropriate assault weapon ban, these
previously stated he will not negotiate over raising the debt ceiling. >> some extreme weather making for a messy commute in several parts of the country this morning. in the northeast it's snow in the south a state of emergency declared in tennessee after an ice storm hit a large part of that of that state. >> in alabama the ice was half an inch thick causing dozens of accidents bringing down dres and power lines as well. let's go to maria molina whith what's going on today. >> we are looking at more ice accumulating across places like tennessee and kentucky and portions of mississippi and even places in the northeast dealing with some of the snow and also the freezing rain. we have freezing rain across the east. a quarter of an inch in the suburbs west of the city. we could have glaze on the roadways. snow over parts of new england. higher snowfall accumulations 3-5 inches of snow forecast. not a huge deal in terms of the snow. please be careful on the roads. lacking at freezing rain across area wesle and portions of kentucky. we have areas of plain rain across alabama and georgia.
, trace. and a push to completely eliminate the debt ceiling once and for all effectively eliminating any legal checks on federal spending. up next, stu varney, what this could mean and why a whole new class of taxes is also now getting some buzz. and new controversy over reports that federal agents waited to arrest an illegal immigrant and a sex offender who worked for this powerful democratic senator, senator menendez, you saw in that picture there. what, what really went on? why was this done? an early morning rescue puts a whole new meaning on another brick in the wall. as firefighters-- did you watch this on america's news room with bill and martha? firefighters worked hours to free a woman who got stuck in a tight spot, how it happened. ♪ ♪ caught between a rock and a hard place ♪ bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. before you begin an aspirin regimen. music: "make someone happy" music: "make someone happy"
for the u.s. government to avoid defaulting on its debts even if the debt ceiling is not raised. >> and there is no reason for the government to default unless president obama and the democrats want us to. it's just a scare tactic to continue the spending that they don't want to address. that's why they keep saying, "oh, we're going to default. we're going to default. we're going to default." it's just not true. >> reporter: but talk like that scares many budget analysts in washington. they argue markets will see a failure by the unit ed states to pay any of its bills as a threat it could one day stop paying some or all of its bills, including interest on its debt. >> if we pay the chinese the interest we owe them on their sovereign debt holdings, on time and in full, but we don't pay social security recipients or armed services personnel their salaries, is that a default? well, of course it is. >> reporter: a recent inspector general's report found the treasury doesn't have the computer systems in prioritize some payments over others. so if the treasury runs short of cash, it w
of reaching the debt ceiling, yet both sides seems locked in congress are not going to talk about the debt ceiling. speaker boehner says it can't be done unless we cut spending at the same time. so having watched this for more than 30 years in congress, what are the odds of avoiding going over the cliff given were both parties are? >> the odds are that we won't do it. it's a matter of faith. it's a matter of consequence. i mean, those who say okay, let's toy with that, they are toying with the american economy and they are toying with the global economy. and so, i think it is somewhat -- it seems great to talk about to the ninth, but the closer you get to that class, the less likely it is that you'll find the u.s. over it. the mac for me ask one other in the loco to grind out third start. he told "politico" last week that a balanced approach replacing the sequesters spending cuts and revenue should accelerate tax refund is fully possible this year for work and by person basis. does that square with people estate tax reform is going to because of scheduling. need to do with the limits of ku
at the general than saks, that's bad news. the debt ceiling fiasco, and the negotiation of the budget sequester, we could see actual cuts to entitlement programs in the next few months, at least there will be tons of chatter in the media about it i don't think either the republicans or the democrats have the guts to cut entitlements. what does this have to do with the dollar stores? you cut program that help people who shop at dollar stores, you hurt these stocks. the low-ends retail environment is more competitive. they have to become more promotional, code word for more discounts. in order to hold their own, they vo have to put real pressure on margins. the higher payroll taxes on consumers, it's very hard to make the case that dollar stores can be owned here. it's true companies have big long-term growth stories, and they have to expand store base around the country. that's not a reason to buy them as long as existing stores have so much trouble. at this point, dollar stores may be too cheap to go much lower, dollar tree sells 14 times earnings, and when their historical multipliers are high
says he's not going to talk about the debt ceiling, speaker boehner said it can be done unless we cut spending at the same time. what are the odds of avoiding going over the fiscal cliff given where both parties are. >> they are going with the american economy and the global economy. closer you get to the fiscal cliff, i think the less likely it is that the u.s. will be funded over and. >> okay, let me ask about tax reform. mutual political last week that a balanced approach to placing the sequester with benefits and revenues should accelerate tax reform, and i believe it's fully possible this year we work on a bipartisan basis. how does that square with the people that say that the tax reform is going to lose out because of scheduling and needing to deal with the debt ceiling and the looming sequester and house republicans concerned that if they do anything on tax reform, that they may leave themselves open to the senate not taking action. therefore, they have taken in on popular vote for no reason. >> first of all we have to solve this debt crisis in terms of sequestration and in te
are on this debt ceiling these days in washington. stay with us, so congressman, we have much more to talk to you after the break, but first, there is good news for the nation's veterans. the nation's largest retailer, wal-mart, now offering to hire every veteran who wants a job. wal-mart expects to hire more than $100,000 veterans in the next five years, and that is welcomed news because the unemployment rate for veterans has been higher than the national average. wal-mart president and ceo william simon is a navy veteran himself and he says that vets are team players and quick learners. wal-mart's new hiring program will start at memorial day. any veteran honorably discharged in the last year is eligible. and straight ahead, a rapper wi 11 children by ten different women and oxygen gave him a reality show, but there's news about "all my babies' mama" and you wonder if anybody is speaking at oxygen media. threat of retaliation, why police officers worry about a threat on their lives. and lady gaga coming under assault for her bra. who is taking aim at the superstar? ♪ [ male announcer ] how co
with this debt ceiling, we do it in a fiscally responsible manner. >> would you be willing given your point of view overall in borrowing money that if kansas pays in a dollar, gets $1 back so 12 cents of every dollar, assume for a moment that number is right, this is the tax foundation number, that you would give that back, kansas would get a whole lot less from the federal government right now, would you sign on to that? >> well, i don't agree with those numbers. we got a whole tax code that actually helps states like new york that have higher taxes because they can take that off their federal income taxes. that has to be part of that as well. but i think we need to do -- certainly helping those in need is probably something we should be doing but if you're not going to spend 80% of the dollars for two years, what's the rush? let's get to the direct needs right now and that's what i think's important. that's why i offered transparency amendment that said let's go see where this money is going. that went on there. i think that's important. fema needs reform. we should have reformed it the l
the funding of the government. we've got the so-called sequester, which is a set of automatic spending cuts that were delayed by two months as part of the fiscal cliff arrangement, and we have the infamous debt ceiling which will come into play.
join standard and poor's, which took that action in 2011 during the last debt ceiling debate. the u.s. house moved to pass a hurricane sandy relief bill this evening. $17 billion would go for immediate recovery in the affected northeastern states. another $33 billion is for long- term spending. some republicans argued that much of the money isn't for emergency relief at all. california's tom mcclintock called for stripping that funding out. >> according to the congressional budget office, more than 90% of this money won't even be spent this year. that's not emergency relief. $16 billion is to quintuple the size of the community development block grant program. that's the slush fund that pays for such dubious projects as doggie day care centers and doesn't even have to be spent in the hurricane area. >> sreenivasan: other republican >> sreenivasan: other republicans joined with most democrats to reject offsetting spending cuts. instead, lawmakers from the northeast urged the house to pass the storm aid now. new york democrat hakeen jeffries said it's already taken too long. . >> it's
to raise -lg the debt ceiling when he was a senator said it was irresponsible to do so. he said it was because of a failure of leadership. we have a president who is addicted to spending and he needs to just look in the mirror because he is the source of the problem. it's his healthcare law, it's the failed stimulus package, these are things that the president has forced through, the democrats have gone w and it is onwith, and it's one of the reasons we are so deeply in debt. if you're a family and bills are coming in, you take a look at the bills and say, how can we make sure that we pay these bills, but more importantly you want to say how can we make sure we don't have bigger bills to pay in the future. bill: what idea would you support? are you on john boehner's side who says we'll give you a dollar in debt if you give us a dollar in spending cuts, or pat toomey the republican senator from pennsylvania says you can make priority payments to make sure the military is covered and items like that, and then make less priority payments further off in the future. would you go for
history. every cut -- every time there was a cut in spending, it was often tied to the debt ceiling negotiations. go back to 1985, to 1990, 1993, 1997, 2010. speaker pelosi, in 2010, with president obama, tied a pay-go provision. she did it. why is it so wrong that the republicans want to do that in the house, like speaker pelosi did? let's get responsible. but the president doesn't even remember two years ago when speaker pelosi did that. somebody has got to help this poor man understand recent and distant history before the rating agencies say, you know what? we used to think the rule of law was going to help the u.s. economy and help the federal government get around to taking care of its debts, but these guys don't even follow the rule of law anymore. and as far as what the economists say, yeah, but we have democratic dynamism. look what obama is doing to that. look at what overregulation is doing to that. the economy is hurting. the economy is waiting to take off if the president and the senate that is bogging down bills that would free up the economy to go -- if they would get
. president, what's the deal with the debt? i've been hearing a lot about the debt ceiling. what's my family's share? i'm just a kid. when i'm a grownup, i understand it could be hundreds of thousands of dollars. could you guys please cut spending now? >> brian: if you want to know if that is going to happen today, see if rand paul's grandson will be in there or somebody like that. if there's a republican child or michael j. fox's character, michael keating. >> gretchen: that would be a good one. let's talk about what the new york state has done now and governor cuomo. he immediately went on the attack to try and pass very expansive gun law legislation because many people are saying he wants to run for president next time around and he also was very concerned about the issue. but some people are saying this morning that what they passed last night is full of holes. we want to show you a graphic of a particular kind of weapon that has been banned, a rifle. this is a baneli 1 rifle. the reason it's banned is because you can see how you hold on to the gun there. that's called a military style g
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